New York, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Cannabidiol (CBD) Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Cannabidiol Market Information By Form, Route of Administration, End User, Product, Application, Source, And Region - Forecast till 2030", the market size was valued USD 9.1 billion in 2021 and is expected to reach USD 59.3 Billion by 2030 at 18.2% CAGR during the forecast period 2022-2030.
Cannabidiol Market Synopsis
As hemp naturally contains much cannabidiol (CBD), a chemical molecule found in the cannabis Sativa plant, hemp is the most common source of cannabidiol for extraction purposes. Due to hemp's naturally high CBD concentration, cannabidiol is produced from hemp rather than cannabis. The substance is frequently confused with the same plant's psychoactive counterpart, tetrahydrocannabinol (THC), extracted. It has many advantages for treating anxiety, preventing seizures, lowering inflammation, and relieving pain. The market is changing more quickly since the cosmetics, culinary, and pharmaceutical industries use it more frequently. As more people learn about the product's advantages, the market has enormous growth potential. It provides several advantages in the management of seizures and anxiety.
The primary factor influencing the market is the increased demand for CBD for health and wellness reasons because of its therapeutic characteristics. A significant element anticipated to increase the manufacture of CBD-infused goods is the increased acceptability and utilization of products due to regulatory approvals. Customers look for nutrient-rich, innovative, and healthy packaged foods to achieve their exercise objectives and stay away from problems like inflammation and discomfort. Products enriched with cutting-edge chemicals, including CBD oil, are being introduced by the makers. Cannabis's non-psychoactive and legal component, cannabidiol, has taken over a number of businesses, including food, health products, pharma, and cosmetics.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 59.3 Billion |
| CAGR | 18.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Route of Administration, Product, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Legalization of CBD in various regions |
| therapeutic benefits of CBD and increasing awareness, popularity |
CBD Market Competitive Landscape:
The vital contenders in the cannabidiol (CBD) market are:
- Folium Biosciences
- Aphria Inc.
- Isodiol International Inc
- Canopy Growth Corporation Inc
- Medical Marijuana, Inc.
- Green Roads of Florida
- Freedom Leaf, Inc
- ENDOCA LLC
- CBD Health Solutions LLC
- CV Sciences
- Elixinol Global Limited
Cannabidiol Market Dynamics:
Market Drivers:
Goods containing cannabidiol are rapidly becoming popular in society. Examples include pet supplies, cosmetics, and health and beauty products. The primary reason for the rising popularity is the shift in consumer attitudes toward products made from cannabis and the variety of uses for cannabidiol products. Since the legalization of cannabis in many nations, the demand for tinctures, lotions, skincare products, capsules, vaping devices, transdermal patches, and other items for personal care has rapidly increased. Due to their many applications, which include potential therapeutic benefits and their capacity to calm animals, these items have gained popularity. Additionally, key businesses in the cannabis sector and several nations' governments are funding R&D initiatives. According to multiple scientific investigations, CBD is a beneficial treatment for several neurological conditions, including epilepsy.
Customers look for nutrient-rich, innovative, and healthy food products to achieve their exercise objectives and stay away from problems like inflammation and discomfort. Products enriched with cutting-edge chemicals, including CBD oil, are being introduced by the makers. The producers are putting more effort into finding CBD to add to food and other items. Thus, during the projection period, the expansion of the global CBD business would benefit from the increasing dependence on products.
Market Restraints:
Consumers in Western economies are increasingly embracing CBD-based products, but this is not the case in developing economies, particularly in Asia and the Middle East. The misconception that the product produces psychoactive effects as a result of its popularity among customers for recreational uses hinders its performance on the market. The features, services, and offerings that are advantageous in numerous ways are not generally known to the consumers.
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Cannabidiol (CBD) Market COVID 19 Analysis
The shutdown in raw material-producing nations like China and India caused a significant disturbance in the worldwide market. Additionally, the supply chain and production of cannabidiol-based goods were severely harmed by the disruption of the United States' other raw material supply. The COVID-19 epidemic, on the other hand, has brought about massive lockdowns throughout the world, causing daily operations to collapse and altering consumer behavior in almost every industry. Retail establishments have closed while COVID-19 reaction efforts intensify. Due to the statewide suspension of transportation and manufacture in significant raw material-producing nations like China and India, the industry began to experience a supply deficit. Additionally, the availability of additional raw materials has been restricted due to supply chain disruptions in the U.S., impacting manufacturing and, consequently, the distribution network of CBD consumer health products.
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Cannabidiol Market Segmentation
By form, the market includes solid and liquid. By end user, the market includes food & beverage and healthcare. By source, the market includes organic and inorganic.
By application, the market includes neurogenerative disorders, fibromyalgia, diabetes, protein bars, and energy drinks. The market includes tinctures, capsules, inhalation, and aerosol spray by route of administration. By product, the market includes food grade and therapeutic grade.
CBD Market Regional Insights
The Americas dominate the worldwide cannabidiol market due to the significant use of cannabis-based goods. In the local cannabidiol market, Europe holds the second-largest share. The legalization and permission from such prestigious institutions fuel the European market's expansion. Although the practice is permitted in Europe, there are also some advantageous limitations. Additionally, the legalization of cannabis varies across Europe. Different market participants are creating different prospects and opportunities for growth.
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Such initiatives and developments are accelerating market expansion in the area. Germany used to import raw materials from other nations, but now the government has legalized domestic cannabis production and access to medical cannabis. Such a German initiative is a significant factor in the CBD market's expansion. A sizeable portion of the market is in Asia, and nations like China, Japan, and India are showing signs of emerging markets for these items. The growing legality and acceptance of cannabidiol for usage in various goods present significant business prospects for numerous producers.
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CBD Oil Market: Information By Type (Hemp-Derived & Marijuana-Derived), By Application (Cosmetics Industry, Food Industry, Pharmaceuticals Industry & Others) - Forecast till 2027
Medical Cannabis Market: Information By Product Type (Solid, Dissolvable/Powders, Oil & Ointment, Creams), Derivative (Cannabidiol, Tetrahydrocannabinol), Route of Administration (Inhalation, Oral, Topical), Application (Pain Management, Neurological Health Management, Mental Health Management), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy) and Region (Americas, Europe, Asia-Pacific, and the Middle East & Africa) - Forecast till 2027
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